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to reduce the deficit, 63% said no. 86% of the ads run for obama were personal attacks on romney. he won a stunning mandate to not be romney. he did not run on the basis he was going to do massive new spending and the kind of tax increases, $1.6 trillion that he's now talking about. and at the same time that obama was elected president, the republican house, which had twice voted for a real budget -- remember, the president's budget he claims he has a mandate for was put up before the house and the democrats all voted against it. in the senate, the democrats didn't want to have anything to do with it. it's a little hard to argue, he had a mandate for something the rest of his party ran away from. >> well -- >> did not run ads on those issues. >> and, of course, it was a bit more complicated than that. but to your point about the exit polls, it's true, most people said that they didn't want tax increases to solve the deficit. what they said -- the majority, was they wanted both balanced. they wanted cuts and tax increases. which is what both john boehner and the president -- in very strid
in the deficit. at the end of the day the whole thing is about -- it's optical illusions and face saving for republicans. whether it's the notion they may not vote yes but just present, which is complete smoke and mirrors or the fundamental argument which is closingรง loopholes is not a tax increase. of course it is. at the core this is about asking americans to pay more americans to the federal government. this is just -- it's -- bill clinton called it kabuki theater. it's a way for republicans not to be ashameded and walk back the ideological core they've run on for the past few years. >> if president obama is able to come out and say i'm going to support getting rid of tax ducks for charitable organizations, hospitals, universities, religious organizations, i want to get rid of that tax deduction f he puts his finger -- his hand anywhere near that decision, he's a quloon tugoing to be a l every hospital, church, philanthropic in the united states, from the rockefeller down to the littlist catholic charity will fight that. they need those tax cuts to survive. it's a loony toon idea. i
on the rich no matter what. >> you cannot generate enough revenue to have meaningful deficit reduction. >> republicans want a big spending cuts from programs like medicare and social security. >> we do not want to be here in another year or attend. >> on both sides of pennsylvania avenue, from main street to wall street, americans are waiting to see who will blink first. both are eager to wind down the crisis, but no one wants to walk away in defeat. , wbal-tv 11 news. >> an update on a former president in the hospital. >> former president george h. w. bush remained unstable condition for treatment of a bronchitis- related costs. and has been two weeks since he was admitted for treatment. they say there's no change in the four presidents condition. doctors have indicated that the 44th president continues to improve, but no hurry to release him. senator cardin was in town to speak at the 100 black men of maryland holiday brunch. he has introduced legislation to end racial profiling and he said practices destructive to communities. the 100 black men of maryland provide the educational op
who actually came up with a plan to cut the deficit, a plan that everyone hailed as magnificent but no one wanted to adopt. >>> joining me now is cnn contributor will cain. he leans right. good morning, will. >> good morning. let me tell you something. you said the popularity of gangnam style knows no limits. i beg to differ. >> you do? >> i think we just found its limits, when 8-year-olds start doing gangnam style you can count on its popularity decreasing. we're about a year away from it being makarena. >> trying to get two sides come together to come to a deal on the fiscal cliff. >> i don't know about young people's abilities to force cats and dogs and democrats and republicans to come together to find a deal. he had a much more profound message than just simply dancing in that clip, in that psa essentially. he was trying to alert young people to the fact that old people, bluntly, are organized. look at the army of aarp representatives that ensure that programs like medicare and social security, programs that take up something like 50% of our federal budget will remain intac
discussed for more than a year and a half on the campaign trail, $4 trillion of balanced deficit reduction. weight not a real proposal what is john boehner sent to the white house which actually lowered rates for those at the top but asked the middle class to bear the entire burden of deficit reduction. that's not what the american people voted for. i mean if you look at even cnn's exit polls all over this country, upwards of 60, 65% of people voted for balanced deficit reduction, which means asking those at the top to pay their fair share. more people voted for that, the idea of that, then they voted for the president. so we need to look to the american people and look what they want on how to reduce the deficit. we have to do it in a balanced way and fair way. >> but if you look at polling and i know you don't always just go on polling, right, but polling is also -- you ask people what should be cut, 79% say don't cut medicare at all and i think that lots of things, democrats and republicans have said, that is on the table too. you don't always necessarily follow the polls when you liste
denied there is any effect on the deficit at all. durbin said social security hasn't added a dime to the deficit. in 2012 it added $160 billion of debt. that is more than a dime. there are 2.5 trillion in the trust fund in social security that will take care of it for 20 more years, 25 more years. that means pieces of paper in the trust fund where the treasury says we will pay you. it doesn't have the money. it spent surpluss in the past. that's a promise from the treasury which is pank ru bankrupt. that is infection but they know it. the republicans are bad guys these are good guys. surprising to me the president wokd get the revenues he wants from de deductions and exclusions. it is on rates not for economic reasons but political. he wants to break the backs of republicans. it this is a continuation of his campaign he thinks he wants it and now he wants to drive the steak through it. it is all about politics nothing about economics. >> democratic congressman chris van holland appeared on special report. there are cuts to the president's budget but republicans haven't paid attent
this conversation about having deficit reduction right now. we shouldn't have deficit reduction right now. we should focus on jobs and employment and continued stimulus for the economy, which i was really happy about the president at least had some of that in his plan. then you ask yourself, okay, what could you do in terms of reducing the deficit that would be the least damaging, and what economists say and what makes common sense is people at the top end of the income scale, who can afford to pay a little more, that's the place where we can raise the rates now and not have a major economic impact. so i take the governor's point, and i agree with it. we probably are going to -- if we're going to continue to make the promises and keep the promises that i think are so important and most progressives do, we probably need to raise taxes on a lot of people. it's a question of timing of when to make those choices. >> the rush limbaugh showed us today how difficult it is for john boehner and eric cantor to make the moves they've already made. let's listen to what rush said. >> what we got today was a semi
it's not 17% of our debt because right now we have a trillion dollar deficit every single year. if we went back to zero, that's true. right now with fourth year in a row with over a trillion dollars in deficit spending, that deficit and debt continues it to climb. it doesn't wipe it out. what does it do to the overall economy. we're not just dealing with one tax increase right now. the affordable care act actually begin on january 1st as well for people making $200,000 or more or people with large medical bills. that already starts coming up. this is an additional tax increase on top of that tax increase. >> what about what bill clinton said? he said once things start to get better, and that's a crucial point he was making. he wasn't saying doing it right away. once it gets better, taxes go up on the middle class. do you agree with that? >> i don't, actually. the reason being is that right now if you look at the real math on it, in 2007 and 2012 we have the same amount of revenue. obviously 2008 and '09 we had a dramatic drop in federal revenues coming in. we've slowly climbed back up
off this fiscal cliff, it doesn't make the deficit worse. it makes the deficit better. it would go a long way toward curing the deficit, but the deficit isn't the immediate problem for most people, the weak economy is. >> i agree. >> and if we dive off the fiscal cliff, the economy could get much weaker. that's -- >> by the way -- >> -- millions of americans. it's a problem for barack obama. >> just to back you up, i really think the great thing is the economy is just starting to lift up a. the unemployment rate is really starting to come down. we're getting good job production. thank you so much, ladies, for coming on tonight. thanks for the sharp thinking we got tonight. >>> up next, if you can't win by the rules, change then. that's what republicans are trying to do in pennsylvania. they don't like the lerer toal college because it didn't work for them. come back for the place for politics. derate alzheimer's, you'll also care about our new offer. you get access to nurses who can help with your questions. and your loved one can get exelon patch free for 30 days. if the doctor fe
? >> reporter: scott, this republican counterproposal today is long on reducing the deficit and saving big on medicare, but it leaves the two sides still hundreds of billions of dollars apart and they are not close on the basic approach to solve the fiscal cliff. in a letter to the president, house republicans called their offer a fair middle ground. it's a ten-year framework that cuts the deficit by $2.2 trillion. it includes $600 billion in health care cuts-- mostly medicare and medicaid-- $300 billion in other mandatory spending and $300 billion in cuts to all other federal spending. by contrast, the president has proposed around $600 billion in cuts to all entitlements, including medicare and he'd reduce other federal spending by $100 billion a year. the president has also proposed spending $50 billion in new stimulus and republicans have refused to consider it. the biggest difference by far is in how to raise new revenues. republicans would raise $800 billion by reducing tax loopholes, not with a tax rate increase. the president would double new revenues to $1.6 trillion, with most of
. i mean it hurt my knees. >> the plan to reduce the deficit with bill clinton former chief of staff. those are your 5@5:30. doug luzader is life in washington with more. >> good morning, guys. we are looking for an important report coming out today. the expectation is -- first of all talking about unemployment. we know they fell. but the expectation today is that the unemployment rate will probably be unchanged which means it is stuck at about 7.9 percent. as far as the markets are concerned they are not exactly tanking but there is a lot of uncertainty. businesses and investors are unsure about what their tax burdens will be like this year. the impact that the fiscal cliff could have on the economy will go up across the board. >> as we get closer and closer to the end of the year i think the uneasiness will continue and the worry we might not see a resolution is going to effect our market. >> it has an impact or hiring as well. physical we go over the cliff the long-term benefits will in fact expire at the end of the year. as the president visited a family in virginia to talk about
. >> what the president has said is we need $1.6 trillion as part of an overall deficit reduction plan, because if you don't get those additional revenues, but you also try and reduce the deficit, you end up whacking everybody else much harder. and so, it's really important to have that revenue number as high as possible. >> sure. >> look, the president's already been clear, ed. on cuts, he will continue to implement over the next ten years over $1 trillion in cuts that he agreed to as part of the budget control act, 100% cuts. and at the time, he said we've got to come back and do revenue. he "life & style weeklalso call billion in cuts and laid out exactly what those should be. >> catch "the ed show" here at 8:00 p.m. eastern on msnbc, the place for politics. >>> well, new jersey governor chris christie is making a personal plea for federal disaster aid in the wake of hurricane sandy. the republican governor paid an unannounced visit to the white house to ask the president for $83 billion in aid for new jersey, new york and connecticut. he also met with members of congress. it was th
the debt ceiling now $16 trillion and due to expire in february without more deficit reduction. >> history shows the only major deficit cutting deals we ever do around here, ever comes after debates over the debt ceiling. it may be a good idea if you don't care about the debt but it's a non-starter for those of us who do. >> reporter: public opinion generally is on the president's side, but republicans in the house are not paralyzed or perilous, more unified behind speaker boehner than a year ago. why is this important? the white house is beginning to notice and now believe there is a deal boehner can find the stroets pass it. >> an idea what's really at stake. rebecca jarvis has a look how the government spends money and how it could spend less. rebecca rebecca, good morning. >> reporter: good morning. >> the question comes up in terms of the money that we're talking about in raising the rate. how much is it that the republicans are objecting to? >> if you look at that $250,000 number, if you were to raise taxes on everybody making $250,000 or more in
that if we go over the cliff the deficit goes up. >> and the debt goes up. >> and the debt goes up. >> wrong. >> like our relationship people don't get it. >> deficit almost goes away. difference is about $8 trillion. >> about 10.5. >> join us tomorrow. right now it's time for "squawk on the street." >>> good wednesday morning. welcome to "squawk on the street." live at the nyse. what a morning shaping up here. a little data to look at. m&a. the president speaks to the business roundtable in a couple of hours. futures with modest gains. europe holding onto gains and china up nearly 3% over night as shanghai catches a break. our road map begins with a $20 billion deal. freeport mcmoran getting into the energy business making two acquisitions. plains exploration and mcmoran exploration. >>> concerns over the u.s. economy as adp misses estimates. the blame goes to superstorm sandy. goldman says the party is officially over for gold. >> starbucks at an investors conference will add 1,500 stores in the u.s. over the next five years. wait until you hear what they said about china. >> a big day in
that calls for $2.2 trillion in deficit savings. it includes $800 billion in tax reforms, 600 billion in medicare reforms and 600 billion in spending cuts. because it doesn't contain tax hikes for the wealthiest americans or specifics about which loopholes will be eliminated, the president immediately rejected the republican proposal. want to know how far apart democrats and republicans are? listen to this. >> i think we're going over the cliff. >> it's unfortunate the white house has spent three weeks doing basically nothing. >> what we can't do is sit here trying to figure out what works for them. >> the president's idea of negotiation is roll over and do what i ask. >> it's clear to me they made a political calculation. if their ideas are different from ours, we can't guess what they are. >> they need to be more specific. >> some specificity from them. >> he can't be serious. >> haven't even begun to be serious. >> we need to get serious. >> i don't think they're serious. >> i would say we're nowhere. period. we're nowhere. >> hard to disagree with that. we're nowhere. period. >> t
revenue. as i've indicated, the only way to get the kind of revenue for a balanced deficit reduction plan is to make sure that we're also modestly increasing rates for people who can afford it. folks like me. just to be clear, i'm not going to sign any package that somehow prevents the top rate from going up for folks at the top 2%. >> the concerted effort from the white house is very clear. here's white house press secretary jay carney. >> what will produce a deal is an acknowledgement by republicans, republican leaders, that rates on the top 2%, the wealthiest americans, have to rise. there is no deal without that acknowledgement, and without a concrete, mathematically sound proposal -- >> but speaker boehner still insists he can get the revenue without raising rates? >> now, the revenues we're putting on the table are going to come from guess who? the rich. there are ways to limit deductions, close loopholes, and have the same people pay more of their money to the federal government without raising tax rates, which we believe will harm our economy. >> some conservatives just can't stan
not an issue here. social security didn't contribute to the deficits and debt. i don't think there will be any appetite whatsoever for touching social security. but those points i think democrats are quite unified on. the area where i think there is room for negotiation and compromise is, the rates are going to go up. i think we all recognize that. will the rates go up completely? are there other ways where they can come up somewhat short of that but make up the revenues by reducing deductions from higher income families? >> so the deal that we're talking about is halfway between the current rate and the former rate? >> well, i wouldn't say halfway. but i would say, as long as you can get to the revenues, if you can increase the rates and reduce the deductions for upper income households, you can get to the same dollar number and i think there's a willingness to entertain that. it does tend to complicate the tax code. the simplest way is simply to raise the tax rates up to the clinton levels and, you know, we do have a strong interest in simplifying the tax code. but if that's politically for
of congress. we're talking about the debt and deficit but the focus turned away from jobs. that's why i think the deal that is struck may not be if -- the cuts may not be effective immediately. maybe takes rates take a year to kick in because the economy is fragile. people who are out of a job don't want the economy to tank further. they want a job in 2013. congress has to be very careful to get a deal that actually doesn't put us back into recession. as you know, there's not a lot of confidence in congress so there's fear congress will mess it up. >> that's been the situation for a long time. people want to unfasten their seat belts on this. we'll keep a close eye on it. we appreciate you joining in. >> thank you. >> from down here on earth to up there in the lunar skies, marking a huge milestone in human spaceflight. can you believe it's been 40 years since we sent the last manned mission to the moon captivating a worldwide audience. neil cavuto spent the last few months meeting with heroes who rescued everything. >> america's challenge of today, forged man's destiny of tomorrow. >> you wer
the deficit down? >> greg: stop spending. >> bob: i get that. >> eric: i don't need 30 seconds. go over the fiscal cliff. take $1.2 trillion out of spending and tax hikes, stops the spending. mandatory spending cuts across the board. you know what? the only way to do it. only way to do it. everything else is chump change. >> dana: how do you deal with deficit reduction if you raise the taxes on a portion of the country that will pay for the government for 8.5 days? >> bob: you couple that with the social security adjustments and medicare. 'canes that is not what geithner put on the table. >> dana: that is going to be on -- >> bob: that is what is going to be on the table. >> dana: republicans held their feet on the fire. >> bob: whatever it took. >> greg: i used to think howard dean was a proctologist because he had his head up his butt but he pulled the curtain back. it's never about raising taxes on the rich because you run out of rich. >> andrea: right. >> greg: that is the point. >> eric: raise tax on everyone who pays taxes or everyone? everyone means the poor and 47% will start pa
put together a plan to move us towards some kind of deficit reduction package eventually evolved into the simpson-bowles commission plan. but the point i was making and i think the speaker is making is republicans have not come out here with some hardball, crazy off-the-table negotiation. what they have done is put something that bill clinton's former chief of staff at one time odd voe indicated for. and i think in the end that reflects that we are moving toward the potential compromise deal. >> he said -- >> i think i'm inappropriately in the middle here. i ought to be over there on the left. what bowles said yesterday was i was testifying before congress, and i described that as a midpoint between what republicans want and what democrats wanted. it was not what i would recommend. but i don't think that's even relevant. >> -- circumstances have changed since then. >> i don't even think that's relevant. i think the real question here and i think ron's right about this is are tax rates going to go up? yes, they're going to go up, because republicans are not going to have to vote f
leaders. governors are concerned about the impact of deficit reduction measures on their state budgebu. the latest gop offer would overhaul the tax code, raise $800 billion in new revenue but seek $600 billion in health savings, net savings add up to about $2.2 trillion over ten years. boehner called the white house's original offer la la land and it does appear that even though at one point bowles endorsed a blueprint like this, he's trying to distance himself from it right now. >> the president got re-elected. he's claiming he got re-elected in part because he wants to tax that 2%. he cannot go back on that. in the meantime, congress most of the republicans signed the grover norquist pledge which says you cannot tax that 2% more than anybody else. you can't increase the taxes. so we're at a stalemate and someone has to give and i don't see anyone giving right now. >> bank of america today commented on the let's jump crowd. the bungee jump crowd for which they think is a scenario. >> you wonder how much of that is in negotiating position. embraced early on by senator schumer, new york
him for a long time, deficit hawk. they haven't allowed him to put a budget out for years. he's growing frustrated. i'm sure he's going to be glad to leave. but i was surprised by that as well. you see also, sam stein, republicans are now starting to really bash boehner from the right. the president needs to take note. he needs to take note. >> give him some running room. >> i'm only saying this because you remember, we went through this with newt. you know, bill clinton would push newt only so far, and then the conservatives in the caucus like myself and matt salmon, steve largent and others would say we're not doing a deal. we will take this place down. we're not doing a deal. and then newt would call bill clinton up and say, you're pushing me too far. you've got to work with me here. the same thing's happening right now with boehner. >> with boehner. >> the republican -- and when you start stripping people of committee -- committee seats, war breaks out and it gets really -- it happened with us. it's about to happen here. he's got to realize that boehner is his partner. >>
of how we fix our national deficit. as you well know, we face the fiscal cliff, a series of tax hikes and spending cuts that many people think if they go into effect will put the country into recession. yet we heard the treasury secretary tim geithner say the president is willing to see the country go off the fiscal cliff if republicans do not accede to his demands. >> it's probably pretty real. but you can't get to where we need to go by cutting spending, that won't cut it. you're going to destroy a fragile economy. you can't get there by taxing your way into it and you can't grow your way out of this. you have to have a blend. when you have leaders of parties and people from the administration saying i think it will be to the advantage of the democrats to go off the cliff or i think it will be advantage to the republicans to go off the cliff or the president to go off the cliff, that's like betting your country. there's stupidity involved in that. this is big-time stuff. >> let me ask you about a report that some republicans now are perhaps willing to see the tax rates rise to some
're serious about reducing our deficit while still investing in things like education and research that are important to growing our economy, and if we're serious about protecting middle-class families, then we're also going to have to ask the wealthiest americans to pay higher tax rates. that's one principle i won't compromise on. >> meanwhile, on the other side of the aisle, republican senator marco rubio gave the weekly republican address today. part of his message? the tax rate should not go up on anyone including the top 2%. >> we must reform our complicated, uncertain, job-killing tax code by getting rid of unjustified loopholes. but our goal should be to generate new revenue by creating new taxpayers, not new taxes. >> joining me, author of "the escape artists: how obama's team fumbled the recovery." david nakamura is with us, as well, from "the washington post." good to see you. what's your read on this, first of all, both sides publicly giving the impression they are sticking to their guns? >> yeah. i think in the past week you've seen some movement in the gop, some acknow
of time. we were very concerned because we thought the budget was going to be -- the deficit was going to be about $150 billion. that shocked everyone into action. then, unlike now, there remains some degree of bipartisanship. there was comity, there was discussion, even as we battled over the budget, we worked together in a bipartisan way on many other issues. you didn't have the total polarization that you have today. >> i mean, when you were elected senate majority leader, i understand one of the first people that you called was the minority leader, senator dole. >> that's right. i called him right away, i went to see him almost immediately, and i said to him look, you've been here a long time, i'm relatively new, these are very tough jobs in the best of circumstances, and if we don't have some degree of trust between us, they will be impossible jobs. so i said to him i want to tell you how i intend to behave toward you and to ask that you behave towards me in the same way. and we agreed on the most basic of things. i told him i would not surprise him, that's important in the senate
help in the push to reduce the deficit. the problem, stalled proposals to replace the expired program include billions of dollars in cuts to food stamps. the senate bill would shave $4.5 billion from the program over ten years. the house version would slash $16 billion over the same time period. the congressional budget office estimates the house bill would throw upwards of $3 million people off the food stamp roles and hundreds of thousands of children denied free school lunches. needless to say the cuts could not come at a worst time for recipients. as of august, 47 million people americans relied on food stamps to keep from going hungry up from 31 million just four years ago. joining me on set, the author of "the juice," and in the nation's capitol, cnbc's chief washington correspondent, john harwood. we have our sage of capitol hill luke russert on set here. you're holding it down in the nation's capital. in firms of the discussions of the fiscal cliff, the white house is focused solely on cuts for top earners. almost no discussion of unemployment insurance and payroll taxes, the
in a deficit talk is simple. it saves money. the keizer family foundation estimates that when it's all said and done, the government could save $5.7 billion in the first year of that plan. but those 65 and 66-year-olds they don't disappear. they are still going to be here and they are even going to get sick sometimes, which means the savings we'd see by kicking them off medicare rolls will pop back up in the economy. it's not pure savings, it's a cost shift. first and foremost, you're going to see increased costs for seniors who will have to find another health insurer since medicare is huge and uses its bargaining power to pay less by quite a bit. the seniors turning to private insurance will have to pay more for the same coverage. 3.7 billion more in the first year of the policy. for those 65 and 66 years old who are eligible for medicaid, states will have to pick up some of that tab. so three-quarters of a billion dollars will pick up that tab, we think. then there are the employers. many of the ineligible will turn to their employers. that will increase the health care costs of companie
the proposal last week, house republicans offered an outline for $2.2 trillion in deficit reduction mostly through spending cuts, and while president obama would not answer questions about the counterproposal -- >> no deal better than a bad deal, sir? >> thank you. >> reporter: -- a senior white house official assailed it as a step backwards saying if republicans do not agree to some higher rates for wealthier taxpayers, the nation will go over the cliff and the american people will hold the republicans responsible. wall street remains optimistic a deal will be struck, so the lack of progress has not yet resulted in a market plunge, but some economists estimate that because of the uncertainty posed by the fiscal cliff, at least 200,000 fewer jobs have been created this year. and, diane, the official deadline for the fiscal cliff is december 31st at midnight when the ball drops in times square, but there's actually another deadline. the house of representatives is scheduled to go on winter break a week from friday, so really there are only 11 days to work out a plan as of now, diane. >> tal
to deficit reduction that can help give businesses certainty and make sure the country grows. and unfortunately the speaker's proposal right now is still out of balance. he talks, for example, about $800 billion worth of revenues, but he says he's going to do that by lowering rates. when you look at math, it doesn't work. >> reporter: so unbalanced approach is the white house's nice way of saying you got to be kidding me. jay carney used the phrase in the briefing just now that the proposal from the republicans was a bunch of magic needs and fairy dust and the current standoff is continuing with neither side talking today, brooke. >> magic beans, fairy dust, la la land, it is laughable but not. it is serious stuff that affects every one of us come january 1st, 28 days to go. we know some of the reporting from dana bash on the hill, there are no formal talks going on. the president insists in speaking in this bloomberg interview, he does speak to speaker boehner all the time that the meetings are not what matter. what have you, jessica yellin what have you learned in your repo
. not this president. when you look at the debt and deficits he run up. he run up more debt than all of the other presidents combined and maybe the republicans should let the president go ahead and sail off of the cliff and do it for the next generation. keep in mind, somebody may have to pay the bill it may be our children and our children's children. do we want to leave the country in better shape. >> gretchen: they will not have enough pennies in the piggy bank. moments ago kate middleton and prince william left the hospital. she was admitted on monday after suffering from acute morning sickness. kate was treated by the queens doctors. she is headed to kensington palace where she will rest for a extended time. the rogue nation of syria has begun mixing chemical weapons and loading them in to bombs. it is raising fears that president assad will use them on his own people. >> if he would drop the gas, it would kill 100,000 people immediately and in damascus a million people could be affected. it is very serious. >> gretchen: fox news learns that the military drawing up contingency plans in case
think he'd disagree. >> the co-chair of obama's deficit commission, but yesterday mr. bowles flatly rejected that connection. meanwhile, the white house is turning to campaign style messaging as a reminder of whose tax plan was chosen in the court of public opinion on election day. >> under my plan, first of all, 98% of folks who make less than 250,000, you wouldn't see your income taxes go up a single dime. all right? because you're the ones who need relief. but we're not going to be able to get it done unless we also ask the wealthiest households to pay higher taxes on their income officials $250,000. the same rate we had when bill clinton was president and our economy kree aed nearly 23 million new jobs. >> and there are reports that republicans are considering a doomsday plan should talks break down. according to senior republican sources the gop would allow a vote on extending bush tax cuts for the middle class and nothing more. under one variation of this plan, house republicans would vote present on the bill to voice their disapproval but still allowing it to pass entirely on
enough to fix the deficit. we'll break down what this means for negotiations ahead with our morning joe panel. but up next -- you never know who you'll see on a new york city subway. and for one kindly old lady, she literally did not know who she was seeing and sitting next to. we'll play her full conversation with jay-z when "way too early" comes right back. [ woman ] ring. ring. progresso. i just finished a bowl of your new light chicken pot pie soup and it's so rich and creamy... is it really 100 calories? let me put you on webcan... ...lean roasted chicken... and a creamy broth mmm i can still see you. [ male announcer ] progresso. you gotta taste this soup. time for citi price rewind. because your daughter really wants that pink castle thing. and you really don't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it finds one, you get refunded the difference. just use your citi card and register your purchase online. have a super sparkly day! ok. [ male announcer ] now all you need is a magic carriage. citi price rewind. st
of communication remain open. on face the nation erskine bowles co-chair of the bipartisan deficit commission told bob schieffer he's a bit more optimistic than he was a week ago. >> we were going through the cab ukee theatre, one side making an offer, the other rejecting it and that is pretty natural in any deal. but you know, they've started to tango now and you know any time you got two guys in there tangoing you got a chance to get it done. >> meanwhile urging both sides to get this done jeffrey immelt chairman of general electric spoke to charlie rose. >> i would say the business community almost universitily speaks with one voice that this needs to get done and get done now. and moving it to next year is just failure. >> jeff: you can see the full jeffrey immelt interview first thing tomorrow on cbs this morning. >> big business is to the alone in wanting to avoid the fiscal cliff. tonight randall pinkston with 9 worries of small business. >> reporter: retired army officer rod hudson runs a 13 man business that operates at the centre of national security. >> we make sampling kit it's for wea
the business community views this deficit thing as the biggest problem that we can solve that we need to solve. there's something called a campaign to fix the debt, which i'm on the steering committee, 120 leading ceos from everything from general electric to jpmorgan on down. really committed to doing something and accepting the idea that revenues have to go up, not ideological about how, but most of all, wanting a big $4 trillion package. and so they have become, in effect, allies of the president. they're really trying to get to the same place. at some point there may be differences over how much entitlements, how much this or that, but right now their interests are aligned, and they both agreed to be friends again. and so they've spent a stream of business ceos into the white house. the president -- yesterday the business roundtable and gave a very warm and accommodating speech. and they are comrades in arms, the least for the time being. >> willie, what a big difference from what we heard from business leaders for the first four years. this is a pretty dramatic shift. >> or even just a fe
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